RERA to Come into Effect by 1st May

Mar 07, 2017 Share

When the onset of RERA (Real Estate Regulation and Development Act) was doing a significant round and the home buyers were counting on the optimistic note, it is finally going to be implemented by 1st May, putting an end to all the high anticipations. With a number of operational rules to safeguard the interests of the customers as well as the developers, the much awaited RERA act will be implemented with all the final rules from May 1. According to the chief officials of the housing department Maharashtra, there will be no divergence of the act and all the rules will be put into action as per the final draft. When the union territories will be ruled under the ministry of HUPA, Delhi would come under the bureau of urban development. The RERA act is all primed up to provide enough comfort to all the home buyers in search of perfect buying experiences. Also, with the strict parameter for all the real estate projects to be registered under the governance, every probable dispute regarding property dealing is expected to come to a sheer end. As per the section 20 of this act, within one year of the implementation of the same, a new authority namely Real Estate Regulatory Authority will be formed to take special care of all the statutes and tenets conferred in the pact. Also, with the act forbidding unaccounted money from diving into the sector, 70% of the payment is now supposed to be paid by cheque and with this, several financial counterfeits are also supposed to come to complete halt. Last but not the least; it will not only yield into timely completion of the projects, but will also let the buyers as well as the developers secure a great peace of mind.

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